London-based startup Snap It has raised about €2.4 million for its on-demand supplies delivery platform catering to tradespeople. The team now plans to broaden the range of products available and expand its market reach.
On-demand delivery is something we are all now well accustomed to. In fact, it’s something that we consumers have come to expect and anticipate. Ordering products via an app or webshop and receiving fast delivery is understood to be standard practice. However, for tradespeople, getting supplies isn’t always so smooth.
Self-employed plumber turned startup founder Viktor Muhhin experiences the struggle of finding supplies. It was a timely and costly process, and for freelancers and self-employed tradespeople, waiting around for supplies massively impacted work efficiency. So, in 2019 he developed Snap It – an on-demand supplies delivery platform. The startup has just picked up fresh investment to expand.
New funding
The London-based startup has now snapped up a venture capital investment of about €2.4 million. ActivumSG Ventures led the funding round with Force Over Mass Capital (FOM Capital) and LiFE Ventures the other institutional investors.
Snap It also attracted the financial backing of angel investors, including former world boxing champion David Haye, Onefinestay founder Greg Marsh and Oliver Stork, a private equity professional with significant board-level experience at large international building merchants.
Angel investor Oliver Stork: “I am thrilled to be supporting Snap It and the management team to grow and develop the business further. With its product offering and partnership approach, Snap It has great potential to innovate and create synergies across the merchant value chain.”
Delivering to tradespeople
Snap It’s mobile app simplifies how tradespeople source materials, spare parts and fittings. It ensures that tradespeople have the key items needed for a job by delivering orders in as little as 30 minutes or by advance delivery. This enables them to operate more efficiently, improves customer satisfaction and frees them up to win more business.
It’s estimated that tradespeople lose on average 2 hours a day on supply runs – time that could be better spent on different jobs and making money. Snap It is aiming to remove this pain point for tradespeople, acting as a procurement and logistics partner. The startup claims that by using the app, tradespeople can generate an additional €50k of business per year. It also benefits the homeowners, tenants and property managers who hire tradespeople, by reducing the wait times and costs.
Natalie Somekh, Partner at ActivumSG Ventures: “Viktor and the Snap It team are using their deep industry knowledge to modernise and streamline the fragmented building trades supply chain so that everyone wins – tradespeople, merchants, homeowners, tenants and property managers. We can see the tremendous growth opportunities that Snap It’s platform unlocks and are happy to support the team in growing it.”
The tech aggregates data on the availability of supplies from more than 100 reputable merchants, large and small. These include City Plumbing Supplies, Gasworld Parts and MP Moran as well as independent merchants such as GMS Spares Ltd, THL Islington and London Plumbing & Electrical. Its platform supports the digital transformation of these distributors, enabling them to manage their inventories in real-time while providing the data for stock control to drive sales.
It’s a marketplace helping those working in the industry at all levels optimise processes and improve business outcomes.
Viktor Muhhin, Founder and CEO of Snap It, said: “This funding will take our platform to the next level as we expand outside London and offer electricians the same service currently enjoyed by our plumber customers. Our platform will continue to grow, supporting large merchants on their daily operations and digitising independent family-run merchants so they remain competitive in today’s fast-paced market.”
